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Jamie Dimon, chairman and chief executive officer at JPMorgan Chase, said that the bank expanded in 2011 despite tough economic conditions and "hostility" toward the financial industry. "2011 was another year of challenges, both for JPMorgan Chase and for countries around the world," he said. "There is a lot of frustration out there and more than a little hostility toward our industry."

Related Summaries

The banking industry continues to face significant challenges, but executives meeting this week at the World Economic Forum's annual meeting have expressed optimism about their prospects. Although they have kept a relatively low profile in Davos, Switzerland, some CEOs, including Citigroup's Vikram Pandit and JPMorgan Chase's Jamie Dimon, have offered their views.

James Dimon, chairman and CEO at JPMorgan Chase, said that the Basel III regulations will increase lending costs for bank customers. Mr. Dimon said JPMorgan "will be fine" in terms of complying with tougher capital and liquidity requirements. He also said the bank will move its credit default swap and commodities businesses to a subsidiary.

Jamie Dimon, CEO at JPMorgan Chase, told the Financial Crisis Inquiry Commission earlier this year that the financial system faces a major crisis once "every five to seven years." If the next crisis hits within that time frame, many of the changes to the financial system will not yet be in place. The Basel Committee on Banking Supervision, for example, has proposed giving banks until 2018 to meet borrowing restrictions.

JPMorgan Chase is offering to reduce the interest rate charged to small-business clients on their lines of credit if they hire employees. "We encourage businesses to take advantage of the lowest interest rates in years and to create more jobs for the economy," said Jamie Dimon, chairman and CEO at JPMorgan.

Jamie Dimon, chairman and CEO at JPMorgan Chase, said the company was planning to expand in Florida. The plans include opening as many as 30 Chase branches in the state each year starting in 2011. "We're hiring people all around America. We're making loans, we're hiring people, we're doing what you're supposed to do as a bank," Mr. Dimon said.